SingPost mustn't let US debacle douse its e-commerce ambition
"BETTER late than never" may have flashed through some minds, when Singapore Post (SingPost) said in early April that it was putting its loss-making US subsidiaries on the market.
The sad saga of TradeGlobal and Jagged Peak will always be a story of "damned if you do, damned if you don't". Chief executive Paul Coutts, who inherited a turbulent company in mid-2017, did his bounden duty trying to turn them around but to no avail. SingPost has had to take an impairment of S$185 million for TradeGlobal back in 2017.
Though the problems with the ailing US assets pre-dated Mr Coutts' arrival, he behaved like a first responder who reaches a grisly accident scene and dutifully performs cardiopulmonary resuscitation despite a grim prognosis. Under his watch, investments like automation were introduced to try to turn around the US units.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly
HCA beats first-quarter profit estimates on higher patient admissions